Income Tax Assessment Act 1997
View history note
Hide history noteYou compare:
(a) the *value of all *registered emissions units you *held at the start of the income year; and
(b) the value of all registered emissions units you held at the end of the income year.
Increase in value is included in assessable income
420-45(2)
Your assessable income includes any excess of the *value at the end of the income year over the value at the start of the income year.
Decrease in value is a deduction
420-45(3)
On the other hand, you can deduct any excess of the *value at the start of the income year over the value at the end of the income year.
Source
420-45(4)
An amount included in your assessable income under subsection (2) is taken, for the purposes of the *income tax laws, to have a source in Australia.
Disregard value of unit if sale proceeds would not be assessable
420-45(5)
For the purposes of this Subdivision, disregard the *value of a *registered emissions unit you *held at the end of the income year if, assuming that you had sold the unit to someone else immediately after you started to *hold the unit, the proceeds of the sale would not have been included in your assessable income under section 420-25 .
Note:
Under the International Tax Agreements Act 1953 , for some foreign residents, the proceeds of the sale of a registered emissions unit are not assessable income in Australia.
Disclaimer and notice of copyright applicable to materials provided by CCH Australia Limited
CCH Australia Limited ("CCH") believes that all information which it has provided in this site is accurate and reliable, but gives no warranty of accuracy or reliability of such information to the reader or any third party. The information provided by CCH is not legal or professional advice. To the extent permitted by law, no responsibility for damages or loss arising in any way out of or in connection with or incidental to any errors or omissions in any information provided is accepted by CCH or by persons involved in the preparation and provision of the information, whether arising from negligence or otherwise, from the use of or results obtained from information supplied by CCH.
The information provided by CCH includes history notes and other value-added features which are subject to CCH copyright. No CCH material may be copied, reproduced, republished, uploaded, posted, transmitted, or distributed in any way, except that you may download one copy for your personal use only, provided you keep intact all copyright and other proprietary notices. In particular, the reproduction of any part of the information for sale or incorporation in any product intended for sale is prohibited without CCH's prior consent.
